The luxury real estate market in India is in rapid evolutionary mode, and a few of the previously accepted definitions of a luxury home have stood the test of time. For luxury home developers, the challenge has shifted from offering a number of attractive add-ons to providing a well-rounded residential experience that transcends luxurious exteriors, interiors, and amenities.
Luxury townships are the obvious answer to the questions today’s buyers are asking. They are not looking for mere glamour — because of the mounting challenges of urban life, they are also looking for superior infrastructure, cutting-edge security, and project management and a walk-to-work option. These are obviously not an option in standalone luxury buildings — nothing less than a fully integrated luxury township can provide such advantages.
A number of Indian developers who previously specialised in traditional luxury residential projects — one or two snazzy buildings in a tony part of town where ‘address value’ accounts for a massive price premium — have therefore shifted their focus to the township format. This is because luxury living in today’s context is a 360-degree lifestyle equation which cannot be limited to elegant superficialities.
The buyer profile for integrated luxury townships is also different today. These are not HNIs hailing from families with protracted histories of wealth – they are young, self-made entrepreneurs, the corporate upper management cadre and high-placed Information Technology professionals.
This new breed of luxury home buyers is not swayed by impressive addresses and the other factors which dictated how luxury was interpreted in the past. They are looking for the aspects that spell genuine luxury today — convenience, safety, reliable utilities supply, modern recreational facilities, on-the-spot availability to essential services like hospitals, schools, and shopping, and good internal and external connectivity.
They will not spend their hard-earned money on an expensive location but invest in a superior living experience for themselves and their families. Townships offer their residents:
∙ Broad, well-lit internal roads
∙ 24x7 water and electricity supply
∙ Multiple-user parking per unit
∙ Multi-level security
∙ Green open spaces
∙ Conveniences such as shopping malls, banks, schools and hospitals within the project
∙ Easy connectivity to other parts of the city
∙ Modern recreational facilities
The best integrated townships also include high-grade commercial spaces and give residents the ultimate luxury the walk-to-work option. Obviously, this new definition of luxury living provides a stark contrast to the traditional concepts of luxury homes, which was usually tied to a vanity address in an exorbitantly pricey location. Though older luxury buildings in the core areas of cities are invariably redeveloped into luxury skyscrapers, there is nothing that can be done about the fact that the locations themselves are cramped, polluted, devoid of support infrastructure and often hemmed in by slums and tenements.
While the window view from a luxury home in such a setting is usually one of chaos and urban decay, the corresponding view from a home in an integrated township is one of greenery, orderliness, and unpolluted air.
No wonder, then, that the younger and smarter generation of luxury home buyers today prefers the benefits of contemporary luxury far away from such areas. Integrated townships are their obvious choice.
The writer is Chairman, Pharande Spaces
